French Consumer Confidence Dips Again in Feb

FRANCE FEB CONSUMER CONF IND 91; JAN 92

• Consumer sentiment eased 1pt to 91 in Feb, showing the second successive decline and coming in weaker than market expectations (BBG: 92)
• Feb's decline was driven by a 3pt-fall in household's view of the economic situation in the past 12 months, marking the lowest level since Oct 2014, while consumer opinion about their own past financial situation ticked up 1pt.
• Household's assessment of the future economic situation dropped 2pt, while their opinion about their future financial situation remained unchanged.
• Consumer's savings intentions were unchanged, while intentions to make major purchases edged 1pt higher.
• The fear of unemployment rose further in Feb, up 2pt to the highest level since Jun 2009.
• The pandemic continues to weigh on household confidence and consumers are continuously worried to loose their jobs and together with elevated savings intentions and low intentions to make purchases, this bodes ill with consumer spending going forward.